Galliford Try hikes dividend as profit surges
Galliford Try has reported a jump in annual profit and hiked its dividend as the housebuilder’s earnings surpassed analysts’ expectations.
The London-listed firm posted a pretax profit of £30.9m for the year to the end of June, up from £10.1m during the same period a year prior.
Galliford Try’s revenue jumped 27.2 per cent to £1.77bn, while its order book grew to £3.8bn from £3.7bn.
The firm said revenue was partly driven up by the delivery of work that had been delayed by inflation and “public sector procurement challenges” in 2022.
Revenue at the company’s infrastructure unit, comprising highways and environment, soared 38.8 per cent to £819.8m.
The firm said it started the 2025 financial year with 92 per cent of its planned annual revenue already secured.
Galliford Try announced last month that the 2024 results statement would be delayed after its auditor, BDO, requested additional time to complete standard audit quality control procedures.
On Thursday, the firm said it had started a share buyback programme of up to £10m, which it said would reflect “flexibility for growth-related investments, including acquisitions”.
It announced a full-year dividend of 15.5p, up from 10.5p in 2023.
“Galliford Try has delivered another year of sequential, robust revenue and margin growth,” said chief executive Bill Hocking.
“Our commitment to risk management, careful contract selection and operational excellence underpins the consistent year on year performance and our future prospects.
“The UK’s planned, and required, investment in economic and social infrastructure continues to support growth in our chosen markets; and our confidence in the group’s outlook is supported by our carefully selected, sector focused, high quality order book which provides visibility and security of future workloads.”
At a capital markets event in May, the company reset its targets for 2030. The updated targets include growing its revenue to in excess of £2.2bn and increasing its divisional operating margin by four per cent.